Patrick G. Rooney, the Chariman of the Board of Positron Corporation (OTC:POSC.OB) - a molecular imaging company focused on Nuclear Cardiology- has confirmed in an exclusive interview with BioMedReports that while his company will be profitable this year, he sees it becoming much more profitable next year and so on- year over year- going forward.
While his candid comments to us appeared bold and optimistic, his estimates apparently did not include some of the resources and capabilities that will be brought to the table for POSC by some of the partnerships that are about to be announced publicly.
"Once you add those relationships, the revenue and profit numbers increase significantly," explains Rooney. "It’s very significant.”
BioMedReports learned yesterday that while POSC's position as the leading Cardio PET imaging manufacturer makes the company very attractive to small and micro-cap investors, its revolutionary Pharm-Assist® automated radiopharmaceutical distribution device is what has attracted the attention of not only one multi-billion dollar NYSE company which has already inked a yet-to-be announced deal with Positron, but other publicly traded, large cap companies as well.
Rooney spoke exclusively to us about the technologies and strategic alliances his company will be presenting at POSC's upcoming news conference at the Nasdaq MarketSite in New York City.
The following is a transcript of Rooney's comments to us:
"In 2008, we acquired a company in Indianapolis and this company brought us two things, they brought us pharmaceutical expertise and they brought us a device that looked like a large, fat refrigerator. What this device does is pretty incredible. It’s an automated virtual pharmacy.
"The way the world works now, if you want to get your heart imaged, your doctor picks up the phone and calls a registered pharmacy specializing in the preparation and delivery of radioactive drugs (radiopharmacy). Once they get the right person on the phone, they order a dose or a ‘syringe’ – a cocktail of the right radiopharmaceutical. You get injected with it and then you get imaged.
"There are about five hundred of these special pharmacies across the country, many of which are run by Cardinal Health, Covidien and General Electric Co. What our device does, is that it compounds these same radiopharmaceuticals on site. So literarily, we can install these devices at hospitals or at the cardiologist’s office so that when I walk in as a patient, they’re not saying ‘hey come back tomorrow so that we have time to order you a dose of radioactivity.’ Instead, the doctor hits some buttons and the dose comes out of this ‘vending machine,’ if you will.
"Our (Pharm-Assist®) machine is not only a very attractive option for patients and doctors, but also to many of the current companies and drug manufacturers who deal in the cardiac and oncology imaging space because instead of taking on the expense of opening up a brick and mortar location for $3+ million and being worried about the expensive overhead and personnel costs of selling radiopharmaceuticals, we can install this inexpensive, automated device that is compliant with all the U.S. rules and regulations for safety and exposure issues. It works well in emergency rooms, in cardiology offices, etc. There are many benefits to it, including the fact that it saves a great deal of money, gas, and time. In addition, if you’re trying to get a dose and you’re the 10th person in line ordering, you may not get the dose. With our system, you’re guaranteed to get a dose.
"With this component, POSC brings in the imaging, the dose dispensing of these radiopharmaceuticals to the doctor’s office. So what’s going to happen in the coming months is we’re going to be offering full solutions to the industry. We’re going to say, ‘Hey doc, we can get you a PET camera and we can get it to you as a rental, thanks to our new finance partners, or as an outright sale/purchase. In addition, in a very similar way to which someone puts in a vending machine, we’ll install our automated pharmacy device and sell the drug products through it at a better price while being more efficient and more effective.
"The current technologies, including all the old SPECT imaging systems that are out there, are all outdated. They’re also more expensive and invasive. For example, 35% of the time, the use of a SPECT imaging system requires that additional imaging work be done in order to get a clearer picture of what is going on. Our PET scan technology works and it’s the future of medicine. Government healthcare agencies, insurance companies, and everyone else involved prefers it, that’s why it’s important that we’re the undisputed leader in the cardiac PET field. When you give a patient a PET scan, across the board the results are much clearer and the technology works. It will tell you in a clear and unambiguous fashion what your issue is. A patient doesn’t need to have someone go into their artery in order to put something into their heart to have a look at what is going on.
"These technologies have brought us a wave of new interest for partnerships, strategic alliances and, frankly, we’re having to start staffing and hiring much faster than ever before. We’re a company that has been waiting for the evolution to come and now we find that it’s coming on stronger than we thought.
"Although it has taken some time, development and really honing in all of our components, we are there now.
"We will be profitable this year, much more profitable next year and so on- year over year going forward; and that doesn’t include some of the resources and capabilities that will be brought to the table by some of the partnerships that are about to be announced. Once you add those relationships, the revenue and profit numbers increase significantly. It’s very significant.”
Company shares gained 48% after Rooney's comments to BioMedReports two days ago, before giving up $.02 in Thursday's trading action. Analysts expect that shares will continue to trend higher as we get closer to Wednesday's press conference in New York.
Disclosure: Long POSC
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